Market Motivation
Last updated
Last updated
The eSports market saw massive success in 2021 in terms of viewership, reaching 474 million people watching on all streaming platforms with revenue over 1 billion USD, a 14,5% increase from 2021, and will generate $1.6 billion in 2024.
Viewership on streaming platforms, particularly Twitch, has no intention of slowing down. It has reached an all-time high with 6.34 billion hours watched, representing 72.3% of the market share in viewership, a 6,5% increase from the previous quarter.
Competitions have grown in popularity as a professional form of gaming, with game developers organizing and funding many popular eSports tournaments, such as Dota 2 (48 million dollars), CS:GO (22 million), and PUBG Mobile (17 million) in 2021.
Source: Newzoo Global Esports & Live Streaming Market Report
Source: Streamlabs & Stream Hatchet Q1 2021 Live Streaming Industry Report
Source: Top global eSports games by tournament prize pool 2021 | Statista
This year is on track to be another impressive year for esports audience growth. In 2022:
The global esports audience will grow +8.7% year on year to reach 532 million.
Esports enthusiasts—those who watch esports content more than once a month—will account for just over 261 million.
Occasional viewers—those who watch esports content but less than once a month—will account for the remaining 271 million.
GameFi's current market capitalization is between 22 and 56 billion dollars, and it’s still a new category for the crypto market overall.
The number of game players has also increased tremendously with Daily Active Users (DAUs) of over 1 million, a 30% monthly increase between 2021 and 2022.
Facebook, with over 2.89 billion users in 2021, has now called itself Meta and is in the works to build the world’s biggest social media metaverse. When this unfolds alongside Facebook’s cryptocurrency Diem, nearly 3 billion people worldwide may be introduced to cryptocurrencies and blockchain.
Changpeng Zhao - CEO of Binance - has cited “DeFi has experienced rapid innovation in 2021, and we may see a boom in interest and innovation in 2022, with SocialFi and GameFi being the key drivers”.
At the moment, the Social Finance market capitalization is valued at 1.36 billion dollars, and it is believed to become an upcoming trend in the crypto world.
Source: Social Cryptocurrencies | CryptoSlate
With a considerable growth in viewers, the gaming business is taking a big stride ahead in becoming one of the most viewed entertainment on all of media.
Despite having a lot of potential for long-term growth, the gaming industry is nevertheless experiencing a number of challenges.
